By Devika Patel
Knoxville, Tenn., May 12- Franc-Or Resources Corp. said it plans a non-brokered private placement of units for up to C$2 million.
The company will sell up to 20 million units of one common share and one warrant at C$0.10 per unit. Each whole three-year warrant is exercisable at C$0.12.
The warrants may expire sooner if the company's shares close above C$0.18 for 20 consecutive trading days. In that case, the warrants will expire 20 days after the company notifies holders.
The deal will be completed in two tranches. The first tranche, expected to settle by the end of May, will consist of 2 million units and the second tranche, expected to settle in mid-July, will consist of 18 million units.
Proceeds will be used for working capital purposes.
Franc-Or is a mineral exploration company based in Montreal, Quebec.
| Issuer: | Franc-Or Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 20 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | May 12
|
| Stock symbol: | Toronto: FOR
|
| Stock price: | C$0.11 at close May 9
|
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